Archive for category Retirement
Are Your Social Security Benefits Taxable?
Posted by brumley in Income, Retirement, Tax on February 15, 2011
The Social Security benefits you received in 2010 may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits. The information provided on this statement along with the following six facts below will help you determine whether or not your benefits are taxable.
Roth IRA withdrawal Rules
Posted by brumley in Personal Finance, Retirement, Tax on January 12, 2011
In general, you can make tax and penalty free withdrawals of the principle (contributions) at any time. However, the earnings from your principle cannot normally be withdrawn under age 59½ without paying the 10% early withdrawal penalty. Earnings can generally be withdrawn without penalties after age 59½, provided you meet the 5 year rule. Roth [...]
Qualifying for Social Security
Posted by brumley in Personal Finance, Retirement on January 7, 2011
Not everyone qualifies for Social Security when they retire. If you do not qualify, you will receive nothing. To check if you are qualifying, you need to understand how many credits you are earning.
Should you move your 401(k) to an IRA at retirement?
Posted by brumley in Personal Finance, Retirement on November 11, 2010
If you’re approaching retirement, you may be wondering where to park the money that’s sitting in your employer’s 401(k) plan. Should you transfer the balance to an Individual Retirement Account (IRA) as soon as you retire? Should you take a lump-sum payment and reinvest the money elsewhere? Should you leave the entire balance in your [...]
Did you take a distribution from a retirement account?
Posted by brumley in Penalties, Retirement on October 15, 2010
If you have lost your job or suffered an economic emergency, you may be tempted or forced to make a withdrawal from your retirement account. Often my clients will come to me in the spring to prepare their taxes and I find they did not fully understand or were misinformed of the tax consequences of [...]
A SIMPLE Retirement Plan for the Self-Employed
Posted by brumley in Retirement on October 6, 2010
Of all the retirement plans available to small business owners, the SIMPLE plan is the easiest to set up and the least expensive to manage.
-
You are currently browsing the archives for the Retirement category.
Appointments
Book a meeting with me
Send me a Fax
About Us
T Scott Brumley CPA
With more than thirty years experience in accounting, tax, finance, auditing, technology and business management, T Scott Brumley, CPA rolls up his sleeves and works with his clients to solve their complex business problems.
